The Guangdong-Hong Kong-Macao Greater Bay Area (Tianhe) Financial Management Service Center was recently established in Guangzhou's Tianhe district.

Its establishment is of positive significance for deepening the financial cooperation among Guangzhou, Hong Kong, and Macao, optimizing the allocation of financial resources in the Greater Bay Area, and promoting the construction of an international financial hub in the Greater Bay Area.

The Guangdong-Hong Kong-Macao Greater Bay Area (Tianhe) Financial Management Service Center is established in Tianhe. [Photo/WeChat account: tianhefabu]

Tianhe is the central urban area of Guangzhou, with its GDP ranking first in the city for 16 consecutive years. In 2022, the district's GDP reached 621.57 billion yuan ($91.57 billion), accounting for 21 percent of the city's total.

The added value of the financial industry, one of the pillar industries in Tianhe, hit 126.51 billion yuan in 2022, ranking first in the city for the eighth consecutive year, and in the first three quarters of this year, accounting for over 50 percent of Guangzhou's total.

Over the past three years, 50 licensed financial institutions were newly set up in Tianhe, bringing 283. Some 75 percent of Guangzhou's licensed financial institutions are in the district.

Tianhe's asset management scale has reached nearly one-fifth of Guangzhou's total, and it has well-known national capital management institutions such as E Fund Management and GF Asset Management.